The IRS plans to take further steps to discourage taxpayers from exceeding the limits on contributions to individual retirement accounts within a single year.
According to a new report from the Treasury Inspector General for Tax Administration, the IRS needs to take action to address the problem of excess contributions to IRAs. The report cites research from the Government Accountability Office estimating that 43 million individuals had IRAs in tax year 2011 with a fair market value of $5.2 trillion.
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